{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_6.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 18:24:08
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2013/2014 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2013
0     1     1.776e-14     1.865e-14     1.776e-15
1     2459     4.490e-10     9.984e-10     4.617e-08
2     1608     4.476e-10     9.952e-10     4.602e-08
3     2115     4.478e-10     9.962e-10     4.596e-08
4     2138     4.502e-10     9.963e-10     4.604e-08
5     1806     4.496e-10     9.950e-10     4.598e-08
6     2084     4.501e-10     9.965e-10     4.615e-08
2013
0     1     1.776e-14     1.865e-14     1.776e-15
1     2211     4.509e-10     9.988e-10     4.534e-08
2     1504     4.491e-10     9.947e-10     4.516e-08
3     1782     4.496e-10     9.946e-10     4.527e-08
4     1793     4.506e-10     9.995e-10     4.551e-08
5     1474     4.492e-10     9.963e-10     4.536e-08
6     1520     4.500e-10     9.983e-10     4.545e-08
2013
0     1     1.776e-14     1.954e-14     1.776e-15
1     1608     4.499e-10     9.959e-10     4.521e-08
2     1090     4.498e-10     9.956e-10     4.517e-08
3     1757     4.490e-10     9.979e-10     4.498e-08
4     1712     4.510e-10     9.986e-10     4.496e-08
5     950     4.491e-10     9.962e-10     4.475e-08
6     1570     4.508e-10     9.998e-10     4.490e-08
2014
0     1     1.243e-14     1.155e-14     2.665e-15
1     2726     4.318e-10     9.970e-10     5.142e-08
2     1810     4.480e-10     9.960e-10     5.351e-08
3     2397     3.843e-10     9.940e-10     4.574e-08
4     2529     4.514e-10     9.982e-10     5.365e-08
5     2029     4.468e-10     9.958e-10     5.316e-08
6     2387     4.256e-10     9.940e-10     5.079e-08
2014
0     1     2.665e-14     2.753e-14     8.882e-16
1     2466     4.301e-10     9.710e-10     4.972e-08
2     1789     4.901e-10     9.801e-10     3.339e-08
3     2209     7.132e-10     9.634e-10     1.454e-08
4     2209     6.846e-10     9.351e-10     2.331e-09
5     1625     4.112e-10     9.107e-10     4.840e-08
6     1726     5.935e-10     9.086e-10     4.379e-08
2014
0     1     2.665e-14     2.753e-14     2.665e-15
1     1866     4.012e-10     9.747e-10     4.699e-08
2     2102     6.817e-10     9.544e-10     1.604e-09
3     2310     5.502e-10     9.757e-10     6.059e-09
4     2433     6.988e-10     9.725e-10     3.955e-09
5     1858     6.917e-10     9.388e-10     3.281e-09
6     1844     3.633e-10     9.763e-10     4.125e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_6.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 20:33:51
{txt}{.-}
{smcl}
{txt}{sf}{ul off}